Manage benefits

The purpose of this competency is to achieve the goals of benefits management, i.e. to:

define benefits and dis-benefits of the proposed work;
establish measurement mechanisms ;
implement any change needed in order to realise benefits;
measure improvement and compare to the business case.

Performance criteria

You must be able to:

plan and initiate benefits management
define, document and communicate benefits and dis-benefits
define measurement mechanisms and implement throughout the life cycle
initiate and manage change
review achievement of benefits in the business case
assure the quality of benefits management

This competency covers the whole benefits management procedure but different people will be involved at different stages. For example, while a P3 manager may be involved in defining benefits, they will usually not be in post when the final benefits review is performed which will be led by the sponsor.

Where they exist, business change managers will be the main role for P4 with the manager having a more co-ordinating role

Benefits management and change management usually go hand in hand so these two competencies should be tailored in tandem.

Knowledge and understanding

You need to know and understand:

the principles and goals of benefits management
responsibilities for benefits management
the context of the work and its impact on managing benefits
a procedure for managing benefits
the purpose and content of benefits management documentation
mechanisms for quantifying and valuing benefits and dis-benefits
how to measure benefits
the impact of change on stakeholders
different approaches to managing change
the relationships between outputs, outcomes and benefits
how assurance applies to benefits management

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8th June 2015	Error in numeration of performance criteria corrected